If you are shopping for life insurance you may be looking to buy the most affordable plan available.
The life insurance that offers the cheapest rates would be term life insurance, if you need your life insurance coverage to last for a period of 30 years or less.
Term life is temporary coverage lasting for a specific number of years.
Whereas permanent life insurance provides lifetime protection and builds some cash value inside the policy, term life is temporary and only pays out a death benefit if the insured passes away during the policy term.
That's why permanent life insurance may cost up to 5-10 times more than term life for the same amount of life insurance protection.
Learn more about finding the cheapest type of life insurance coverage.
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